The Solana-based altcoin is up over 1,200% and is expected to crash “within four to six weeks,” says a top analyst
A trader who hit the peak of the 2021 Bitcoin (BTC) bull market is warning of a sharp market correction for a Solana (SOL)-based memecoin.
Pseudonymous analyst Pentoshi tells his 711,700 followers on social media platform X that Bonk (BONK) could lose half of its value in a matter of weeks.
“Within four to six weeks you can buy BONK for 50% cheaper than the current price. Even if it goes higher at first.”
BONK closed at $0.00000217 on November 15 and is trading at $0.00002991 at the time of writing, up 1,278%.
Its crypto analyst Michaël van de Poppe also points out that BONK could soon make a correction.
“The bull market is just getting underway and BONK is up 200x. Meanwhile, SATS, RATS and similar tokens are following in their footsteps. Mental but good signs that market sentiment has changed. Does that mean you should buy these? I wouldn’t do that at this point.”
According to crypto analytics firm Santiment, discussions about BONK are surging on social media platforms, which could indicate an impending trend reversal.
“The hottest memecoin on the block, BONK, saw its market cap increase by +116% in the past day alone, largely due to its Coinbase listing. BONK has jumped from No. 69 largest asset to No. 43 in just 12 hours. If that’s what you crave, be wary of too much audience FOMO (fear of missing out).”
Source: Santiment/X
The company says the current interest in BONK is similar to the hype around Dogecoin (DOGE) in 2021.
“As 2023 draws to a close, these are the short-term and long-term time frame themes driving markets. NFTs (non-fungible tokens), BASE and memecoins will most likely continue to be of interest in 2024, and BONK is getting attention like “2021 Doge”.
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